Global Electric Construction Equipment Market Projected to Surpass $30.06 Billion by 2029 with 21.4% Annual Growth

What combination of drivers is leading to accelerated growth in the electric construction equipment market?
Global construction activity is surging, expected to spur the expansion of the electric construction equipment market. The construction sector, encompassing the creation, upkeep, and repair of infrastructures, impacts the demand for these electric equipment, which are essential for a variety of construction site tasks, such as assembly, restoration, and precise measurements needed for plumbing system installations, among others. For example, as reported by the Office for National Statistics, the executive arm of the UK Statistics Authority, in November 2023, total new work escalated by $19781.69 million in 2022, attributed to a 16.8% and 13.1% increment in private and public new work respectively when compared to 2021. As construction industries worldwide continue to expand, they simultaneously fuel the growth of the electric construction equipment market.

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What is the projected compound annual growth rate (CAGR) of the electric construction equipment market from 2025 to 2034, and what factors influence it?
In recent times, the market size of electric construction equipment has seen a significant rise. The expectation is that the current size of $11.26 billion in 2024 will experience an increase to $13.85 billion in 2025, with a compound annual growth rate (CAGR) of 23.0%. Factors contributing to the growth during the historic period include initiatives for environmental sustainability, cost-effectiveness and operational efficiency, strict emission standards, noise control and enhancement of worksite conditions, along with government incentives and backing.

In the coming years, it's predicted that the electric construction equipment market will tremendously expand. The market size is set to escalate to $30.06 billion in 2029, growing at a compound annual growth rate (CAGR) of 21.4%. The predicted growth during this period stems from various factors, such as urbanization and infrastructure development, advancements in battery technology, increase in digitization in the construction sector, worldwide emphasis on green and eco-friendly practices, and heightened awareness and education. Significant trends expected during the forecast period include the incorporation of advanced manufacturing processes, priority on cost-effectiveness and efficient bonding, attention towards health and safety, and a shift towards bio-based and renewable materials.

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How are the latest trends influencing the growth of the electric construction equipment market?
The primary trend gaining traction in the electric construction equipment market is product innovation. Major firms in this sector are concentrating on creating novel products to satisfy consumer demand. For example, Hitachi Construction Machinery Co., Ltd., a construction equipment firm based in Japan, introduced the ZX55U-6EB, a five-ton battery-powered excavator, in July 2022. Thanks to its short tail swing carried over from the ZX55U-6 model, the latest ZX55U-6EB works exceptionally well in confined spaces. This innovation opens up possibilities for clients to undertake an array of projects, such as city construction tasks, residential building plans, and waste management work, particularly in contexts where environmental sensitivity is highly valued.

What are the major segments of the electric construction equipment market and their role in driving growth?
The electric construction equipment market covered in this report is segmented -

1) By Product Type: Track Loaders, Excavators, Backhoe Loaders, Skid Steers, Wheel Loaders, Telehandlers
2) By Equipment Type: Electric Excavator, Electric Motor Grader, Electric Dozer, Electric Loader, Electric Dump Truck, Electric Load-Haul-Dump Loader
3) By Engine Capacity Type: Less Than 5 L, 5 To 10 L, Greater Than 10 L
4) By Power Output: 50 HP, 50-150 HP, 150-300 HP and, >300 HP

Subsegments:
1) By Track Loaders: Compact Track Loaders, Large Track Loaders
2) By Excavators: Mini Excavators, Midi Excavators, Full-Size Excavators
3) By Backhoe Loaders: Standard Backhoe Loaders, Mini Backhoe Loaders
4) By Skid Steers: Wheeled Skid Steers, Compact Skid Steers
5) By Wheel Loaders: Small Wheel Loaders, Medium Wheel Loaders, Large Wheel Loaders
6) By Telehandlers: Compact Telehandlers, Heavy-Duty Telehandlers

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Which regions are key players in the growth of the electric construction equipment market?
Europe was the largest region in the electric construction equipment market share in 2024. Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the electric construction equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

Who are the key firms paving the way for growth in the electric construction equipment market?
Major companies operating in the electric construction equipment market include Deere & Company, Caterpillar Inc., Komatsu Ltd., CNH Industrial N.V., Yanmar Construction Equipment Co. Ltd., Kubota Corporation, Liebherr-International AG, Hitachi Construction Machinery Co., Ltd., Bobcat Company, Zoomlion Heavy Industry Science and Technology Co., Ltd., SANY Heavy Industry Co., Ltd., J C Bamford Excavators Ltd, Tere*x Corporation, Hyundai Construction Equipment Co., Ltd., Manitou Group, Wacker Neuson SE, Volvo Construction Equipment AB, Doosan Infracore Co., Ltd., Sunward Intelligent Equipment Co., Ltd.

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What Is Covered In The Electric Construction Equipment Global Market Report?

•Market Size Forecast: Examine the electric construction equipment market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the electric construction equipment market for a structured understanding.
•Key Players Overview: Analyze major players in the electric construction equipment market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the electric construction equipment market.
•Segment Contributions: Evaluate how different segments drive overall growth in the electric construction equipment market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the electric construction equipment market.
•Industry Challenges: Identify potential risks and obstacles affecting the electric construction equipment market.
•Competitive Landscape: Review strategic developments in the electric construction equipment market, including expansions, agreements, and new product launches.

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